No official estimate of black money

In the financial year 2015-16, 648 disclosures involving undisclosed foreign assets worth Rs.4,164 crore were made

GN Bureau | March 17, 2017


#black money   #Santosh Kumar Gangwar  



There is no official estimation of percentage of black money held in India in cash, minister of state for finance Santosh Kumar Gangwar informed the Lok Sabha.
 
In the last financial year (2015-16), 648 disclosures involving undisclosed foreign assets worth Rs.4,164 crore were made in the one-time three months’ compliance window ended on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
 
The amount collected by way of tax and penalty in such cases was about Rs.2,476 crore.
 
 

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